Watts Water Technologies, Inc. $WTS Shares Sold by Gamco Investors INC. ET AL

Key Points

• Gamco Investors trimmed its stake in Watts Water Technologies by 5.1% in the first quarter, but still held 404,093 shares worth about $117.3 million, making WTS its 10th-largest position.
• Watts Water Technologies reported stronger-than-expected quarterly results, posting EPS of $3.04 versus the $2.72 estimate and revenue of $677.3 million versus $638.1 million expected. Revenue rose 21.4% year over year.
• Wall Street remains mixed on the stock: analysts currently have a consensus “Hold” rating with an average price target of $345.30, even as Barclays upgraded the shares to “Overweight” and raised its target to $414.00.

Gamco Investors INC. ET AL reduced its holdings in shares of Watts Water Technologies, Inc. (NYSE:WTS - Free Report) by 5.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 404,093 shares of the technology company's stock after selling 21,761 shares during the period. Watts Water Technologies makes up 1.2% of Gamco Investors INC. ET AL's holdings, making the stock its 10th largest position. Gamco Investors INC. ET AL owned approximately 1.21% of Watts Water Technologies worth $117,304,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Boston Partners grew its stake in shares of Watts Water Technologies by 2.2% during the third quarter. Boston Partners now owns 907,336 shares of the technology company's stock worth $253,211,000 after acquiring an additional 19,247 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Watts Water Technologies by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 832,148 shares of the technology company's stock valued at $229,721,000 after acquiring an additional 25,501 shares in the last quarter. First Trust Advisors LP raised its position in shares of Watts Water Technologies by 6.7% in the 1st quarter. First Trust Advisors LP now owns 545,404 shares of the technology company's stock valued at $158,325,000 after purchasing an additional 34,381 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Watts Water Technologies by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 522,624 shares of the technology company's stock valued at $144,261,000 after purchasing an additional 1,418 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Watts Water Technologies by 34.4% in the 3rd quarter. Invesco Ltd. now owns 469,508 shares of the technology company's stock worth $131,124,000 after purchasing an additional 120,090 shares in the last quarter. 95.02% of the stock is currently owned by hedge funds and other institutional investors.

Watts Water Technologies Stock Performance

WTS opened at $344.62 on Friday. Watts Water Technologies, Inc. has a 12-month low of $250.63 and a 12-month high of $394.54. The company has a current ratio of 2.72, a quick ratio of 1.62 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $11.51 billion, a PE ratio of 31.53, a P/E/G ratio of 2.97 and a beta of 1.14. The firm has a 50 day moving average of $335.93 and a two-hundred day moving average of $314.57.

Watts Water Technologies (NYSE:WTS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The technology company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.72 by $0.32. The business had revenue of $677.30 million during the quarter, compared to analysts' expectations of $638.13 million. Watts Water Technologies had a net margin of 14.32% and a return on equity of 18.92%. The business's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.37 EPS. On average, analysts anticipate that Watts Water Technologies, Inc. will post 12.23 EPS for the current year.

Watts Water Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.63 per share. The ex-dividend date was Monday, June 1st. This represents a $2.52 dividend on an annualized basis and a yield of 0.7%. Watts Water Technologies's payout ratio is currently 23.06%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WTS. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $358.00 price target on shares of Watts Water Technologies in a research note on Friday, May 8th. TD Cowen boosted their price objective on shares of Watts Water Technologies from $275.00 to $320.00 and gave the company a "hold" rating in a report on Thursday, July 2nd. Barclays raised Watts Water Technologies from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $317.00 to $414.00 in a research report on Tuesday, June 30th. Weiss Ratings lowered Watts Water Technologies from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, Robert W. Baird set a $330.00 price target on Watts Water Technologies in a research report on Friday, May 8th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Watts Water Technologies presently has a consensus rating of "Hold" and a consensus price target of $345.30.

Insiders Place Their Bets

In other Watts Water Technologies news, insider Elie Melhem sold 2,257 shares of the company's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $301.00, for a total value of $679,357.00. Following the sale, the insider directly owned 8,963 shares of the company's stock, valued at approximately $2,697,863. This represents a 20.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael J. Dubose sold 398 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $309.63, for a total value of $123,232.74. Following the sale, the director directly owned 1,814 shares in the company, valued at $561,668.82. This represents a 17.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.00% of the company's stock.

Watts Water Technologies Profile

Watts Water Technologies, Inc is a global manufacturer and distributor of flow control products and solutions designed to ensure the safe, efficient delivery and use of water. Founded in 1874 and headquartered in North Andover, Massachusetts, the company has built a reputation for engineering innovation in residential, commercial and industrial plumbing, heating, cooling and water treatment systems. Watts operates through a comprehensive portfolio of brands and product lines that address application-specific requirements in water safety, pressure regulation, flow control and filtration.

The company's product offerings span backflow preventers, pressure reducing valves, relief valves and steam traps, as well as hydronic balancing and temperature control devices for heating systems.

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